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The rally off this morning's N Korea.....>

DOLLAR-YEN
DOLLAR-YEN: The rally off this morning's N Korea induced low of Y109.23 has seen
a top of Y109.93, the dollar has since consolidated between Y109.69 and Y109.80.
Risk-off remains the theme with regional equities mostly lower, Nikkei opened
down 0.38% and currently trades -0.87%. Demand is cited near to Y109.50, better
bids are placed near Y109.20, while supply is touted at and above Y110.00. In
option space, there is a fairly large expiry at Y110.00 ($795mn) that may act to
contain the near term range. Technical resistance is found at Y109.96 (50%
Y110.96-Y109.23 decline, while support is located at Y109.66 (38.2% fib
Y109.23-Y109.93). Dollar-yen was last at Y109.78 

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